May 2: National Life Insurance Day

Posted on: May 1, 2017By: VGW Insurance Blogging Team

Every day is now a national day of something, and May 2 is National Life Insurance Day.

National Life Insurance Day is observed on May 2, and is a day in which we spread awareness about the importance of life insurance. It marks the anniversary of the first day that life insurance became available in the United States.

The sale of life insurance began long ago in the 1760s. The Corporation Relief of Poor and Distressed Widows and Children of Presbyterian Ministers was created in 1759 by the Presbyterian Synods in Philadelphia and New York City. The exact day was on May 2, 1759.

Episcopalian priests, in order to provide for the widows of their expired priests, created a similar relief fund in 1769. Between 1787 and 1837, over twenty-four life insurance companies were started, but fewer than half survived into longevity.

Life insurance is a policy that provides your family a lump sum of money in the event of your death. It is meant to replace your annual income and help your family pay for important and necessary expenses like the mortgage, student loans, and other present and future debts (like college tuition for your children).

There are two main kinds of life insurance policies: whole life and term life. Whole life insurance lasts your entire life and accrues cash value which can be used before death. Term life insurance is the least expensive option for life insurance, but does not hold or accrue cash value over time. Term insurance policies last anywhere from five to thirty years, whichever best meets your needs.

Take National Life Insurance Day to make sure that you have the right life insurance policy in place in order to protect your family against the worst-case scenario. For all of your insurance needs, contact VGW Walker Insurance in the entire state of Texas.

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